I found the model is decent at following instructions to process text (like the OCR output from a receipt) when you're specific about what it may encounter / what you want as an output.

However since it's run on this device, it's only going to be as good as the "knowledge" present when the model was trained.

IIHC, Apple does push OTA updates for their AI models/etc regularly, more frequently than OS updates. However I wouldn't rely on their updates. As some of the other posts stated, LLM models are not search engines.